BetMGM Raises 2025 Guidance on Net Revenue to $2.6 Billion

The upgraded projections come of the heels of stronger-than-expected first half results.

Ziv Chen

Last updated: June 16, 2025 1:35 PM EDT • 2 min read

BetMGM Raises 2025 Guidance on Net Revenue to $2.6 Billion — Pictured: A student crunches the numbers to make his budget sheet balance while visiting one of the booths. Photo by Gary Cosby Jr.-Tuscaloosa News / USA TODAY NETWORK via Imagn Images.

Sportsbook and iGaming operator BetMGM, bolstered by stronger-than-expected performance in the first half of 2025, has significantly upgraded its full-year financial projections.

The company, a joint venture between MGM Resorts International and Entain, now forecasts full-year 2025 net revenue of at least $2.6 billion, up from its previous guidance of $2.4 billion to $2.5 billion. The company also expects to deliver full-year EBITDA of at least $100 million, a substantial upgrade on its previous expectation of EBITDA-positive figures for 2025.

The revision announcement follows continued positive momentum observed during the first quarter, resulting in optimistic projections. Trading during the first quarter showed a 34% year-over-year net revenue growth, and the company stated that this strong performance continued into the second quarter, ending June 13.

BetMGM attributed the sustained strength to significant growth in handle, driving net revenue increases. This growth has been consistent across both iGaming and online sports verticals, as bettors continue to sign up with BetMGM bonus codes.

"The momentum we built in the second half of 2024 continued into the first quarter as we implement our powerful iGaming strategy, enabling us to grow faster than the market and at scale," stated Adam Greenblatt, BetMGM's Chief Executive Officer, in the earlier Q1 report. That confidence now extends firmly into the upgraded full-year view.

BetMGM Q1 Results Pointed Toward Positive 2025

BetMGM's first-quarter results, released in late April, laid the groundwork for this upgraded outlook. The company reported Q1 2025 net revenue of $657 million, a significant growth compared to Q1 2024. iGaming revenue increased 27% year-over-year to $443 million. Key metrics, such as average monthly active users and active player days, increased by 43% and 39%, respectively.

The operator also saw a 13% increase year-on-year in the cross-sell rate for online sports bettors to the iGaming platform, with online sports betting revenues increasing 68% year-over-year to $194 million. Handle grew 29% year-on-year, while bets per active player increased 28%, and handle per active player increased 37%.

The company attributed strengthened product ranges, including broader markets, improved pricing, enhanced parlays offered on the platform, a refined focus on premium mass players, and improved player economics for the growth.

These figures allowed the company to reach $22 million EBITDA, a $154 million improvement year-on-year. However, the company acknowledged a benefit from one-time accounting items offset by customer-friendly sports results.

The company's strong first-quarter performance has carried over into the second quarter, enabling it to report a significant guidance upgrade. Beyond the $2.6 billion revenue and $100 million EBITDA figures, BetMGM reiterated the expectation that its online sports betting vertical will be contribution-positive for the full year, especially with expansion into Missouri confirmed, complementing a strong contribution expected from iGaming

Written By:
Ziv Chen

Ziv has over two decades of experience in the igaming and sports betting industry, having served in senior marketing and business development positions with both B2C and B2B companies, including Playtech and Microgaming. In 2019, Ziv decided to pursue his passion for writing and became a fulltime industry journalist, covering casino, sports, and gambling business news. He’s specialties include casino games and technology, US state gambling regulation, company performance, as well as gambling affiliates and marketing. As a Pitt graduate, Ziv is a diehard fan of all Pittsburgh sports teams, with the Steelers at the top of the list. In his free time, he enjoys reading crime fiction, biographies (mainly of sports personalities, but not only) and American history. Ziv’s Favorite quote: “We're going to pursue perfection, knowing full well we won't catch it, but we're going to relentlessly chase it," Mike Tomlin, Pittsburgh Steelers Head Coach.